JIANGSU SHENTONG VALVE CO.(002438) 广发证券·2024-11-20 11:21Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 15.75 CNY per share, reflecting a 25x PE valuation for 2024 [5][4]. Core Insights - The company's performance met expectations, with Q3 revenue of 582 million CNY, a year-on-year increase of 6.95% and a quarter-on-quarter increase of 20.73% [4]. - The company has a robust order backlog in the nuclear power sector, with confirmed contracts amounting to approximately 809 million CNY as of September 30, 2024 [4]. - The company is expanding its production capacity for nuclear-grade valves, increasing from servicing 8 units to 12 units, indicating a positive outlook for future growth in the nuclear sector [4]. Financial Performance Summary - Revenue (in million CNY): - 2022A: 1955 - 2023A: 2133 - 2024E: 2405 - 2025E: 2777 - 2026E: 3143 - Growth Rate (%): - 2022A: 2.4% - 2023A: 9.1% - 2024E: 12.8% - 2025E: 15.5% - 2026E: 13.2% [3][4][186] - Net Profit (in million CNY): - 2022A: 228 - 2023A: 269 - 2024E: 320 - 2025E: 412 - 2026E: 495 - EPS (CNY per share): - 2022A: 0.45 - 2023A: 0.53 - 2024E: 0.63 - 2025E: 0.81 - 2026E: 0.97 [3][4][186] Valuation Metrics - PE Ratio: - 2022A: 24.38 - 2023A: 22.56 - 2024E: 22.68 - 2025E: 17.60 - 2026E: 14.67 [3][4][186] - EV/EBITDA: - 2022A: 15.59 - 2023A: 13.12 - 2024E: 13.33 - 2025E: 10.84 - 2026E: 8.96 [3][4][186]